The key of success for a company

1. Operational risk management

• Keep cash costs and ground rents in line with revenues.

• Recognize continued lower margins and margin risk.

• Take advantage of future pricing and crop insurance to manage risk.

2. Manage money and capital

• Protect your working capital. Extend your terms on products purchased with 10 and 20 year terms. "Now is the time to refinance this land with a 20-year mortgage," says Boehlje.

• Lock in today's relatively low interest rates on capital spending.

• Deleveraging.

3. Emphasize execution

• Do less things better. Identify areas that are losing money.

• Use standard operating procedures (SOPs). "Each factory produces SOPs and you organic derivatives," Boehlje.

• Optimize data management.

• Simplify operations and automate where possible.

• Attention to detail.

4. Increasing asset utilization (asset cycle)

• Observe operators 24 hours a day. Trucking, many factories and the airline industry do this to increase returns on assets. For example, use autosteer.

• Lease rather than buy. Short-term operating leases increase asset turnover.

• Use joint ventures and shared machinery to intensify production.

• Think in terms of "profits and turns," the basic financial metrics every machine dealer and hardware store owner knows. Otherwise, they are operating margins on sales and asset turnover.

• Outsource or custom farm. "You've already outsourced your tax and legal work," says Boehlje. "Recognize where you derive value by hiring things you do."

5. Increase margins

• Cost control. You have to count before he succeeds.

• Buy right.

• Use best management practices and technology.

• Market not price.

6. Use time effectively

• Focus on management.

• Hire qualified employees.

• Use scheduling and workflow developers.

• Develop standard operating procedures.

7. Increase volume and sales

• Increase productivity.

• Generate more volume with less investment.

• Consortium for the size and volume to gain access to the market.

8. Focus on a strategy

• Practice operational excellence.

• Develop customer intimacy.

• Focus on product and process innovation.

9. Create value for your customer

• Understand your customer and what you can do to create value for them.

• Differentiate service such as quality, storage and on-time delivery.

10. Be smart

• Use consultants.

• Network with agricultural and non-agricultural product manager devices.

• Develop management skills.

11. Think like a CEO

• Manage people, money, relationships and strategies.

• Think more strategically. farmers are good at business.